CoVEX Is Set to Implement the Next-generation Trader-friendly Blockchain-based Platform

The digital market today is comprised of an industry that is worth multi-billion-dollar. However, it hasn’t been accepted by a major mass of people as an efficient tool that helps in everyday exchanges. The standard currencies such as euro or dollar still find prominence among the users. Currently, the digital currencies hold a share of 1.2 percent in the market. Blockchain technology in the cryptocurrency market has emerged as an asset with a goal to provide low transaction fee, high quality and maximization of the user-friendly experience when it comes to online transactions.

The future vision for Blockchain technology

With digital assets in the blockchain technology along with strong background in the technical leads, many companies are emerging with unique concepts to provide better services when it comes to financial transactions. Similarly, CoVEXcomes from a strong base on the current market trends with a mission to implement a different and distinctive platform for the next generation traders based on the blockchain technology.

What is ICO (Initial Coin Offering)?

Initial Coin Offering (ICO)’ is funding method to raise for a new cryptocurrency venture. In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, but usually for Bitcoin.

CoVEX has been designed to provide a platform that allows one stop solution for cryptocurrency transactions. CoVEX is all set to release as a high-frequency cryptocurrency as well as a social platform for trade exchange in the month of October 2018. Further, the platform shall provide services such as Margin Trading, P2P Loan, Payment Gateway, and ICO Underwriting Service for the year 2019.

The private sales by CoVEX are open for the traders who are capable of contributing 30 ETH or more. The private sales based participants are provided a bonus of maximum 40 percent. CoVEXshall introduce around 250 million tokens along with another 192.5 million that is set to be dispatched to interested participants that starts from the 12th May 2018.

According to CoVEXwhitepaper, ICO participant also receiver referral bonus when they purchase CoVEX Coin in the ICO sales. This program is only available to CoVEX ICO.

The bonus for referrals will be split into 3 three categories as follows:

2nd degree: Only for Phase- 2 holders who participates in the Phase 2 ICO entitled to 30% of the referrals; and

3rddegree: Only for Phase- 3 holders who participates in the Phase 3 ICO, he/she will be entitled to 20% of the referrals.

CoVEX Coin

A cryptocurrency that is reward generating, CoVEX coin shall be implemented based on the EthereumBlockchain following the ERC223 standards. This ensures that any coin holder can receive rewards as transaction fees. CoVEX has also introduced numerous and diverse sources for revenue generation on its platform. Sources for the reward bonus include: Payment Gateway, Cryptocurrency Exchange, Margin Trading along with Margin Lending, Social Trading, Prepaid Card Service, and P2P Loan Service.

Tokens

Tokens are the coins offered during the ICO. It is generally considered as an equivalent to the shared purchased from the IPO. These tokens are also termed as “Cryptocoins”.

ICO and Cryptocurrencies

Cryptocurrencies are the virtual or digital currencies that make use of the cryptography for purpose of added security. The central bank or any governmental organization doesn’t hold authority over the transactions made with cryptocurencies making it an anonymous trade.

Tokens that are issued from the ICO shall hold a value. The ICO shall allocate an equivalent equity for the token allowing the investor voting rights ownership along with dividends qualification in certain prospects.

Coin ICOs mostly sell the participation held in the economy. However, the token based ICOs tend to sell the ownership rights, project royalties or DAO.

Having a token doesn’t necessarily provide the investor the right for voting in project’s direction or for the DAO. The investor’s rights are generally embedded within ICO’s structure. However, the investors shall have input trending throughout the lifespan of the project.

Prior to the sale a defined number of tokens or coins are created for majority of the ICOs.

The prices for the ICO are normally established by the creators of project, DAO or economy.

ICOs constitute of multiple fund raising rounds along with tokens or coins set on offer. This keeps on increasing with regards to the base value till the date of release. The early investors in this field get better rewards embedded inside their token as incentives when compared with the late investors.

ICOs tend to conclude as the tokens or coins are available for trade in the open market.

How do companies profit from ICOs?

DAO, project or the economy might not be subjected to taxation in a direct way.

Sales process for the tokens or coins are managed in a direct format which includes multiple rounds. The intermediaries required during this process are very few to none.

The investment decisions by the investors are taken on the basis of content acquired through white papers that have been prepared by the entities responsible for raising funds.

ICOs are great platforms used to raise capital when it comes to a startup. However, they also help with kick-starting of any new service by the company which is yet to be introduced in the market.